Though Bitcoin is currently facing a positive thrust in their prices and market dominance in the crypto world, not all people are dancing to this song. Many naysayers spread malice and negative perceptions on Bitcoin.
It is normal though, as it portrays the extent of Bitcoin’s relevance in the market and worldwide acceptance.
Well, these naysayers lack information on the following facts.
Bitcoin to Replace Gold
If there is a possibility of Bitcoin replaces Gold is regarding its value, Bitcoin will be worth several trillion dollars as that is the current value of Gold.
With a global acceptance and usage, Bitcoin can be used as a store of value just like Gold. Though it is in digital form and not physical as gold, with the use of advanced security, your Bitcoins will be entirely safe.
For instance, if you live in a corrupt country with incompetent and unreliable banks, the money in your account can easily be confiscated by government cartels. It is distinct to Bitcoin.
It can only happen if you don’t safeguard your private key. Bitcoin enables censorship resistance, a concept that has real-world applications and not accessible by other parties.
The Ideal Securities
Gold is valuable, globally and was used as a fiat currency by different people many years ago and especially in Kingdoms and dynasties. It is a fact that owning gold is luxurious and some individuals are ready to show off their gold jewelry. Well, can you show off your Bitcoin?
By bragging about the number and worth of coins you own, will make you prone to kidnappers who will use coercion to transfer your coins from your Bitcoin wallet successfully.
Owing Bitcoin will ensure your privacy and security due to its digital form. However, without the incorporation of advanced security and secrecy of your private key, your coins are prone to hackers.
After successfully closing down the notorious Silk Road that was an online drug market in 2013, there has been an incorporation of Bitcoin with FBI in their systems. Currently, the US government owns the most extensive Bitcoin wallet in the history of cryptocurrency.
With FBI’s integration to Bitcoin platform, fraudsters and fraudsters are on their toes. Since the seizure of these coins and the arrest of Ross Ulbricht, the operator of Silk Road. There have been few incidences of fraud and use of Bitcoin in payments of illegal drugs.
A Quick Rise to Fortune
Bitcoin has gone through numerous transformations since its inception in 2009 to date with a starting price of less than $100. The current price of Bitcoin is $13,000.
An investor, who invested in a few Bitcoins five years ago, is currently a millionaire. This coin currency cannot be compared to any other crypto in the world considering its drastic increase in its price daily.
Bitcoins Can Go By What Money Can’t
You can efficiently use your Bitcoin wallet in any part of the world considering its flexibility. For instance, with the possession of all existing Bitcoins in the crypto world, you can purchase New Zealand as the country’s GDP is relatively low compared to Bitcoin’s total market cap.
With the recent acceptance of Bitcoin as a mode of payment to most car manufacturers such as McLaren and Lamborghini, Bitcoin is turning ideal and flexible.
In every industry or business, naysayers and competitors are always there to offset the market. However, in the case of Bitcoin, their prices will keep on skyrocketing and is still more appealing in trading compared to other cryptocurrencies.
In future, Bitcoin will surely replace gold in storing value due to the incorporation of advanced security and increase in value. Bitcoin is the leading cryptocurrency, and all other Altcoins will follow suit in the determination of price and market dominance.